Pre-War Business as Usual: the late-2016 US auctions

By Steve Wakefield

10th October 2016

RM’s for-restoration Porsche Speedster selling for $341k apart, life continued as normal at the two nearby auctions held during the Fall collectors’ meet season in north-eastern America.

At a glance:

High percentage of cars at No Reserve ensures healthy sell-through of c.90%
Combined total of $13,230,543 down on 2015’s $18,610,410
Even at the Fall sales, cars are getting younger: 1940 against 1936
RM tops the week with $2,090,000 Duesenberg Model J

Bonhams grossed $1.6m at The Simeone Foundation Automotive Museum in Philadelphia. That’s down from £2.7m in 2015 but, thanks to a high percentage of lots consigned at No Reserve, the sell-through was a healthy 88%. Top-selling car was a 1901 Locomobile that achieved $121k with premium (£110k hammer, estimated at $50 to $60k).

Over at Hershey, where RM was conducting a two-day, 132-lot sale, it was a similar story, albeit one with bigger numbers. The gross was $11.6m, again with a high sell-through of 92% thanks to so many (61%) at No Reserve.

RM did well with the desirable short-chassis 1930 Duesenberg Model J. A Dual-Cowl Phaeton by Murphy (pictured, above), its first owner was Massachusetts-based John F. Howard, known as the ‘Mayonnaise King’ thanks to a fortune amassed in the salad-dressing business. It was hammered away for $1.9m against its pre-sale guide of $1.6m to $2m.

More bread-and-butter cars were to be found elsewhere in the catalogue, but the heavily trailed 1957 Porsche 356A Speedster 1600 barn-find (pictured, top) busted through its $200k to $250k estimate to sell for $310k hammer, or $341k with premium.

There is little to learn from these results. As we have seen this year, significant pre-War American classics continue to sell well. Hard-to-find Porsches such as the Speedster are always in demand (see Bonhams at Zoute). Elsewhere, even in the USA, the air is gradually leaking out of the market for ‘Great Gatsby’ and ‘Happy Days’ cars that once defined the term ‘classic’.

Where's the fire? Hi-visibility 300 SL Roadster on its way to $825k all-in at RM

Bonhams at The Simeone Foundation Automotive Museum, 3 October 2016 (2015)

Total gross cars: $1,649,175 ($2,717,010)
Number of cars not sold: 6 (13)
Total number of cars: 52 (76)
Number sold: 46 (63)
Percentage cars sold by number: 88% (83%)
Percentage by value average low/high estimate: 73% (53%)
Number of cars sold below low estimate: 29 (33)
Percentage of cars sold below low estimate: 63% (58%)
Number of cars sold not met avge of estimates: 32 (45)
Percentage of cars sold not met avge of estimates: 70% (79%)
Number of cars sold above top estimate: 10 (10)
Percentage of cars sold met/exceeded top estimate: 22% (18%)
Average value of cars sold: $35,852 ($47,667)
Number of cars at No Reserve: 32 (N/a)
Percentage of cars at No Reserve: 62% (N/a)
Average age of cars offered: 1944 (1940)

RM Sotheby’s at Hershey, 6/7 October 2016 (2015)

Total gross cars: $11,581,368 ($15,893,400)
Number of cars not sold: 10 (7)
Total number of cars: 132 (151)
Number sold: 122 (144)
Percentage cars sold by number: 92% (95%)
Percentage by value average low/high estimate: 70% (77%)
Number of cars sold below low estimate: 81 (89)
Percentage of cars sold below low estimate: 66% (62%)
Number of cars sold not met avge of estimates: 93 (113)
Percentage of cars sold not met avge of estimates: 76% (78%)
Number of cars sold above top estimate: 12 (16)
Percentage of cars sold met/exceeded top estimate: 10% (11%)
Average age of cars offered: 1937 (1932)
Number of cars at No Reserve: 80 (N/a)
Percentage of cars at No Reserve: 61% (N/a)
Average price of cars sold: $94,929 ($110,371)
Average age of cars offered: 1937 (1932)

Photos by RM Sotheby's